Quick Leap 461 (Pty) Ltd

(Under Provisional Judicial Management)

Masters Ref: T7650/09

better known as:

*Africard*

Holding Company:

Pacific Breeze Trading (Pty) Ltd

 

Documents on File:

 

1. Notice of Motion

2. Court Order

3. Provisional Certificate of Appointment

 

AFRICARD
QUICK LEAP INVESTMENTS 461 (PTY) LTD
INCOME STATEMENT as from 17/11/2009 to 19/02/2010
INCOME			EXPENSES
Vacancy factor 0%
Monthly rental income November 2009	-		Operational Expenses November 2009	-
			Once off Expenses November 2009	-
				-
Monthly rental income December 2009	200,600.69		Operational Expenses December 2009	R 5,762.70
			Once off Expenses December 2009	-
				R 5,762.70
Monthly rental income January 2010	201,174.47		Operational Expenses January 2010	R 33,559.88
			Once off Expenses January 2010	6,511.85
				R 40,071.73
Monthly rental income February 2010	233,824.75		Operational Expenses February 2010	10,937.75
			Once off Expenses February 2010	104,050.14
			Once off Expenses - LDP Auditors (still to be paid)	27,793.20
				142,781.09
	635,599.91			188,615.52

 

 

1.                  There is amount of R 302 089 owed by Bluezone Property Investments (Pty) Ltd (in liquidation).

2.                  The current account is held with FNB under acc number 62091297658 and is showing a zero

            balance. The Nedbank account is held under account number 901-591-8527 and has a credit

            balance of R 448 558.23 as on the 1^st of March 2010.

3.                  The property’s vacancy factor is 0% as on end February 2010.

4.                  No provisional judicial management fees have been charged or collected from the company, neither  

            has the Master of the High Court granted any fees to be collect by the judicial managers as on

            date of this report

5.                  Total Immediate Obligations of the company : R 148 943

 Forensic Auditors’ Report Findings

            The company was incorporated on 23 August 2005 under reference number 2005/029399/07.

The company’s registered office is given as 623 Pri(n)ce George Avenue, Brenthurst, Brakpan and

its postal address as P.O. Box 2413 Brakpan. There is no reason for this and the addresses

should be changed to Castle Walk immediately. Hennie Lamprecht is given as the sole director.

 

The company’s sole asset of significance is an industrial property situated in Cleveland, Johannesburg

which is let to Altech Data in terms of a long-term lease expiring 31 May 2012. The company purchased

the property in March 2006 at a cost of R 13 000 000 and formed the basis of a syndication arrangement

by Bluezone at a value of R 16 860 000. We can find no valuation from J.T. Seyffert at the time,

as was Bluezone’s custom.

 

The forensic auditors are satisfied that the “revamp fund” and “vacancy fund” never existed and

were withdrawn by Bluezone to form part of Bluezone’s profits from the syndication.

 

THE ADMINISTRATION OF THE COMPANY POST SYNDICATION

 

On syndication, the property was and is still let to Altech Data (Africard) until 31 May 2012. The lease

is a triple net lease with Altech Data bearing all the municipal charges. The current rental payable by

Altech Data is  R 170 983 plus VAT.

 

The company has rendered an income tax return up to the 2008 tax year.

 

FINANCIAL POSITION

 

·        The property has been valued by Messrs of Valuers & Appraisers at R 17 800 000, which

has resulted in a revaluation surplus for the period of R 100 000;

 

Despite provisional write-offs in the financial statements of the company, the company remains solvent,

and given time, will be able to meet its immediate obligations from its rental income.

 

 

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